Nuveen Asset Management LLC Purchases 399,267 Shares of Regal Rexnord Co. (NYSE:RRX)

Nuveen Asset Management LLC increased its stake in Regal Rexnord Co. (NYSE:RRX - Free Report) by 79.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 899,688 shares of the company's stock after purchasing an additional 399,267 shares during the quarter. Nuveen Asset Management LLC owned approximately 1.36% of Regal Rexnord worth $139,569,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the stock. Occudo Quantitative Strategies LP purchased a new position in Regal Rexnord in the 4th quarter worth about $550,000. Millennium Management LLC boosted its position in Regal Rexnord by 313.6% during the 4th quarter. Millennium Management LLC now owns 241,712 shares of the company's stock worth $37,497,000 after acquiring an additional 183,272 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Regal Rexnord by 5.7% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 456,541 shares of the company's stock worth $70,823,000 after acquiring an additional 24,794 shares during the period. Lighthouse Investment Partners LLC boosted its position in Regal Rexnord by 1,089.4% during the 4th quarter. Lighthouse Investment Partners LLC now owns 39,000 shares of the company's stock worth $6,050,000 after acquiring an additional 35,721 shares during the period. Finally, Jefferies Financial Group Inc. acquired a new stake in Regal Rexnord during the 4th quarter worth about $1,427,000. Hedge funds and other institutional investors own 99.72% of the company's stock.

Insider Activity at Regal Rexnord

In other news, CEO Louis V. Pinkham sold 10,593 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $140.33, for a total transaction of $1,486,515.69. Following the completion of the sale, the chief executive officer now owns 175,954 shares in the company, valued at $24,691,624.82. The trade was a 5.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.82% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have recently issued reports on RRX. Oppenheimer reduced their price target on Regal Rexnord from $210.00 to $190.00 and set an "outperform" rating for the company in a report on Friday, February 7th. The Goldman Sachs Group cut their price objective on Regal Rexnord from $183.00 to $163.00 and set a "buy" rating on the stock in a research note on Wednesday, April 2nd. Barclays raised their price objective on Regal Rexnord from $155.00 to $160.00 and gave the company an "overweight" rating in a research note on Monday, May 12th. KeyCorp cut their price objective on Regal Rexnord from $180.00 to $125.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Finally, Robert W. Baird raised their price objective on Regal Rexnord from $167.00 to $172.00 and gave the company an "outperform" rating in a research note on Wednesday, May 7th. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $171.25.

Regal Rexnord Price Performance

NYSE RRX traded down $0.65 during midday trading on Tuesday, hitting $140.65. The company had a trading volume of 641,922 shares, compared to its average volume of 570,438. The company has a market capitalization of $9.33 billion, a PE ratio of 47.68, a P/E/G ratio of 1.37 and a beta of 1.11. The company has a current ratio of 2.26, a quick ratio of 1.25 and a debt-to-equity ratio of 0.87. The firm has a 50-day moving average price of $115.00 and a 200-day moving average price of $141.08. Regal Rexnord Co. has a twelve month low of $90.56 and a twelve month high of $185.28.

Regal Rexnord (NYSE:RRX - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The company reported $2.15 earnings per share for the quarter, topping analysts' consensus estimates of $1.82 by $0.33. Regal Rexnord had a return on equity of 9.57% and a net margin of 3.25%. The business had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.38 billion. During the same quarter in the previous year, the company posted $2.00 EPS. Regal Rexnord's quarterly revenue was down 8.4% compared to the same quarter last year. As a group, analysts anticipate that Regal Rexnord Co. will post 9.95 earnings per share for the current fiscal year.

Regal Rexnord Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 14th. Investors of record on Monday, June 30th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $1.40 annualized dividend and a dividend yield of 1.00%. Regal Rexnord's payout ratio is 39.89%.

About Regal Rexnord

Regal Rexnord Corporation manufactures and sells industrial powertrain solutions, power transmission components, electric motors and electronic controls, air moving products, and specialty electrical components and systems worldwide. The Industrial Powertrain Solutions segment provides mounted and unmounted bearings, couplings, mechanical power transmission drives and components, gearboxes, gear motors, clutches, brakes, special, and industrial powertrain components and solutions for food and beverage, bulk material handling, eCommerce/warehouse distribution, energy, mining, marine, agricultural machinery, turf and garden, and general industrial markets.